Suba Hotels Limited, formerly known as Hotel Suba Star Private Limited, has declared its unaudited financial results for the half year ended September 30, 2026. The Board of Directors met on November 13, 2026, and approved both standalone and consolidated results. The board meeting commenced at 3:00 PM and concluded at 5:30 PM. The results have been reviewed by statutory auditors Shah & Taparia, Chartered Accountants.
The company operates in a single business segment — Hospitality — and runs hotels across India and internationally. As of September 30, 2026, Suba Hotels has 107 operational hotels with 4,996 keys, plus 45 hotels with 2,741 keys in its development pipeline, bringing the total portfolio to 152 hotels and 7,737 keys.
Hotel Portfolio as on September 30, 2026
| Brand | Operational Hotels | Operational Keys | Pipeline Hotels | Pipeline Keys | Total Hotels | Total Keys |
|---|---|---|---|---|---|---|
| Suba | 5 | 265 | — | — | 5 | 265 |
| Click | 37 | 1,623 | 21 | 1,178 | 58 | 2,801 |
| Comfort | 35 | 1,274 | 11 | 663 | 46 | 1,937 |
| Quality | 15 | 841 | 6 | 267 | 21 | 1,108 |
| Clarion | 13 | 946 | 7 | 633 | 20 | 1,579 |
| Genx | 1 | 23 | — | — | 1 | 23 |
| RnB | 1 | 24 | — | — | 1 | 24 |
| Total | 107 | 4,996 | 45 | 2,741 | 152 | 7,737 |
During H1 FY27, the company successfully added 9 new hotels — 1 owned, 4 leased, 3 franchisee, and 1 managed. The pipeline of 45 hotels provides visibility for further expansion ahead.
Standalone Profit and Loss: H1 FY27
| Particulars | H1 FY27 (Apr–Sep 2026) | H2 FY26 (Oct 2025–Mar 2026) | H1 FY26 (Apr–Sep 2025) | FY26 (Apr 2025–Mar 2026) |
|---|---|---|---|---|
| Unaudited | Unaudited | Unaudited | Audited | |
| Revenue from Operations | ₹5,344.54 | ₹5,314.75 | ₹3,528.47 | ₹8,843.22 |
| Other Income | ₹186.47 | ₹130.72 | ₹22.91 | ₹153.63 |
| Total Income | ₹5,531.01 | ₹5,445.47 | ₹3,551.38 | ₹8,996.85 |
| Food and Beverages Consumed | ₹585.40 | ₹528.58 | ₹429.54 | ₹958.12 |
| Employee Benefit Expenses | ₹1,353.61 | ₹1,110.05 | ₹1,001.86 | ₹2,111.91 |
| Finance Costs | ₹140.59 | ₹70.58 | ₹126.60 | ₹197.19 |
| Depreciation | ₹138.39 | ₹96.03 | ₹147.71 | ₹243.74 |
| Other Expenses | ₹2,952.92 | ₹2,657.37 | ₹1,586.80 | ₹4,244.17 |
| Total Expenses | ₹5,170.91 | ₹4,462.61 | ₹3,292.52 | ₹7,755.12 |
| Profit Before Tax | ₹360.10 | ₹982.86 | ₹258.86 | ₹1,241.73 |
| Current Tax | ₹90.63 | ₹246.06 | ₹66.46 | ₹312.52 |
| Deferred Tax | ₹19.78 | ₹33.08 | ₹5.22 | ₹38.30 |
| Profit After Tax | ₹249.69 | ₹703.72 | ₹187.18 | ₹890.91 |
| Basic EPS (₹) | ₹1.03 | ₹2.93 | ₹1.07 | ₹4.30 |
All figures in ₹ Lakhs unless stated otherwise.
H1 FY26 vs H1 FY27 Comparison (Standalone)
Revenue from Operations: Increased by ~51.47% from ₹3,528.47 lakhs to ₹5,344.54 lakhs.
Total Income: Increased by ~55.74% from ₹3,551.38 lakhs to ₹5,531.01 lakhs.
Total Expenses: Increased by ~57.06% from ₹3,292.52 lakhs to ₹5,170.91 lakhs.
Profit Before Tax: Increased by ~39.11% from ₹258.86 lakhs to ₹360.10 lakhs.
Profit After Tax: Increased by ~33.40% from ₹187.18 lakhs to ₹249.69 lakhs.
Basic EPS: Moved from ₹1.07 to ₹1.03.
Standalone EBITDA and EBIT: H1 FY27
EBITDA and EBIT are calculated from the reported numbers as follows.
EBITDA Formula: Profit Before Tax + Finance Costs + Depreciation
Step 1: Profit Before Tax = ₹360.10 lakhs
Step 2: Finance Costs = ₹140.59 lakhs
Step 3: Depreciation = ₹138.39 lakhs
EBITDA = 360.10 + 140.59 + 138.39 = ~₹639.08 lakhs (~₹6.39 crore)
EBITDA Margin = 639.08 ÷ 5,531.01 = ~11.6%
For comparison, EBITDA in H1 FY26 was: 258.86 + 126.60 + 147.71 = ~₹533.17 lakhs (~₹5.33 crore), with a margin of ~15.0%.
EBITDA change: Increased by ~19.87% from ~₹533.17 lakhs to ~₹639.08 lakhs, though the margin compressed from ~15.0% to ~11.6%.
EBIT Formula: Profit Before Tax + Finance Costs
EBIT = 360.10 + 140.59 = ~₹500.69 lakhs
GST Rate Change Impact on Standalone Margins
Effective September 22, 2025, the GST rate on specified hotel supplies changed from 12% with Input Tax Credit (ITC) to 5% without ITC. This resulted in the disallowance of ₹3.29 crore of input tax credit, which the company charged to its H1 P&L. This is an incremental cost compared to H1 of the previous year and is one factor that moderated margins in H1 FY27.
Consolidated Profit and Loss: H1 FY27
| Particulars | H1 FY27 (Apr–Sep 2026) | H2 FY26 (Oct 2025–Mar 2026) | H1 FY26 (Apr–Sep 2025) | FY26 (Apr 2025–Mar 2026) |
|---|---|---|---|---|
| Unaudited | Unaudited | Unaudited | Audited | |
| Revenue from Operations | ₹6,219.00 | ₹7,056.99 | ₹4,379.30 | ₹11,435.28 |
| Other Income | ₹263.40 | ₹130.72 | ₹22.91 | ₹153.63 |
| Total Income | ₹6,482.40 | ₹7,186.71 | ₹4,402.21 | ₹11,588.91 |
| Food and Beverages Consumed | ₹585.83 | ₹528.58 | ₹429.54 | ₹958.12 |
| Employee Benefit Expenses | ₹1,411.82 | ₹1,293.44 | ₹1,072.55 | ₹2,365.99 |
| Finance Costs | ₹147.88 | ₹71.97 | ₹128.10 | ₹200.07 |
| Depreciation | ₹141.43 | ₹100.69 | ₹151.40 | ₹252.09 |
| Other Expenses | ₹3,706.82 | ₹3,582.65 | ₹2,000.36 | ₹5,583.01 |
| Total Expenses | ₹5,993.78 | ₹5,577.33 | ₹3,781.95 | ₹9,359.28 |
| Profit Before Tax | ₹488.62 | ₹1,609.38 | ₹620.26 | ₹2,229.64 |
| Current Tax | ₹93.46 | ₹302.27 | ₹91.05 | ₹393.31 |
| Deferred Tax | ₹18.51 | ₹29.82 | ₹5.22 | ₹35.04 |
| Profit After Tax | ₹376.66 | ₹1,277.29 | ₹523.99 | ₹1,801.28 |
| Basic EPS (₹) | ₹1.55 | ₹5.33 | ₹3.00 | ₹8.70 |
All figures in ₹ Lakhs unless stated otherwise.
H1 FY26 vs H1 FY27 Comparison (Consolidated)
Revenue from Operations: Increased by ~41.99% from ₹4,379.30 lakhs to ₹6,219.00 lakhs.
Total Income: Increased by ~47.26% from ₹4,402.21 lakhs to ₹6,482.40 lakhs.
Total Expenses: Increased by ~58.49% from ₹3,781.95 lakhs to ₹5,993.78 lakhs.
Profit Before Tax: Fell by ~21.22% from ₹620.26 lakhs to ₹488.62 lakhs.
Profit After Tax: Fell by ~28.12% from ₹523.99 lakhs to ₹376.66 lakhs.
Basic EPS: Moved from ₹3.00 to ₹1.55.
Consolidated EBITDA and EBIT: H1 FY27
EBITDA Formula: Profit Before Tax + Finance Costs + Depreciation
Step 1: Profit Before Tax = ₹488.62 lakhs
Step 2: Finance Costs = ₹147.88 lakhs
Step 3: Depreciation = ₹141.43 lakhs
EBITDA = 488.62 + 147.88 + 141.43 = ~₹777.93 lakhs (~₹7.78 crore)
EBITDA Margin = 777.93 ÷ 6,482.40 = ~12.0%
For comparison, consolidated EBITDA in H1 FY26: 620.26 + 128.10 + 151.40 = ~₹899.76 lakhs (~₹9.00 crore), with a margin of ~20.4%.
EBITDA change: Fell by ~13.55% from ~₹899.76 lakhs to ~₹777.93 lakhs, with margin compressing from ~20.4% to ~12.0%.
EBIT = 488.62 + 147.88 = ~₹636.50 lakhs
Dubai Business Update
The consolidated results include Click Rooms Hotel Management LLC Dubai-UAE as a subsidiary. The Dubai subsidiary reported total assets of ₹2,245.40 lakhs, total revenue of ₹951.39 lakhs, and net profit after tax of ₹126.96 lakhs for the half year ended September 30, 2026. These subsidiary results are based on management-certified accounts and have not been independently reviewed by the auditors.
Revenue and margins in the Dubai operations remained under pressure due to ongoing geopolitical tensions in the Middle East region during H1 FY27.
Another wholly owned subsidiary, Suba Hospitality FZCO, was incorporated on June 7, 2024 under the IFZA Dubai Freezone. As of September 30, 2026, this subsidiary is yet to commence operations and has not been considered for the purpose of consolidation.
Standalone Balance Sheet Highlights
| Particulars | Sep 30, 2026 | Mar 31, 2026 |
|---|---|---|
| Share Capital | ₹2,424.25 | ₹2,424.25 |
| Reserves and Surplus | ₹9,913.26 | ₹9,663.57 |
| Long-Term Borrowings | ₹2,456.53 | ₹1,914.83 |
| Short-Term Borrowings | ₹2,007.56 | ₹3,237.74 |
| Property, Plant and Equipment | ₹5,969.87 | ₹5,015.78 |
| Capital Work-in-Progress | ₹3,348.67 | ₹2,549.60 |
| Cash and Cash Equivalents | ₹1,426.23 | ₹555.57 |
| Trade Receivables | ₹2,318.38 | ₹2,242.67 |
| Total Assets | ₹20,249.51 | ₹19,967.11 |
All figures in ₹ Lakhs unless stated otherwise.
March 31, 2026 vs September 30, 2026 Comparison (Standalone Balance Sheet)
Total Assets: Increased by ~1.41% from ₹19,967.11 lakhs to ₹20,249.51 lakhs.
Long-Term Borrowings: Increased by ~28.28% from ₹1,914.83 lakhs to ₹2,456.53 lakhs.
Short-Term Borrowings: Fell by ~37.99% from ₹3,237.74 lakhs to ₹2,007.56 lakhs.
Cash and Cash Equivalents: Increased by ~156.72% from ₹555.57 lakhs to ₹1,426.23 lakhs.
Property, Plant and Equipment: Increased by ~18.99% from ₹5,015.78 lakhs to ₹5,969.87 lakhs.
Reserves and Surplus: Increased by ~2.58% from ₹9,663.57 lakhs to ₹9,913.26 lakhs.
Standalone Cash Flow Summary: H1 FY27
| Particulars | H1 FY27 (Sep 30, 2026) | FY26 (Mar 31, 2026) |
|---|---|---|
| Net Cash from Operating Activities | ₹4,594.15 | ₹(5,696.26) |
| Net Cash from Investing Activities | ₹(1,811.06) | ₹(1,268.19) |
| Net Cash from Financing Activities | ₹(1,912.43) | ₹7,055.32 |
| Net Cash Inflow | ₹870.66 | ₹90.87 |
| Opening Cash | ₹555.57 | ₹464.70 |
| Closing Cash | ₹1,426.23 | ₹555.57 |
All figures in ₹ Lakhs unless stated otherwise.
FY26 vs H1 FY27 Cash Flow Comparison (Standalone)
Operating Activities: Generated ₹4,594.15 lakhs in H1 FY27, compared to cash used of ₹(5,696.26) lakhs in full FY26.
Investing Activities: Used ₹(1,811.06) lakhs in H1 FY27 for property, plant, equipment, and capital work-in-progress, compared to ₹(1,268.19) lakhs in FY26.
Financing Activities: Used ₹(1,912.43) lakhs in H1 FY27 mainly for loan repayments, compared to inflow of ₹7,055.32 lakhs in FY26 which had included IPO proceeds.
Closing Cash: Grew from ₹555.57 lakhs at the start of H1 FY27 to ₹1,426.23 lakhs by September 30, 2026.
Auditor's Limited Review
Shah & Taparia, Chartered Accountants (Firm Regn. No.: 109463W), carried out the limited review of both standalone and consolidated financial results. The review was signed by Ramesh Joshi, Partner (M. No.: 33594), from Mumbai on November 13, 2026. The auditors stated that nothing came to their attention that would suggest the financial results were not prepared correctly in accordance with applicable accounting standards.
The results were signed on behalf of the Board by Mansur Mehta (Chairman & Managing Director, DIN: 01643019) and Mubeen Mehta (Whole Time Director & CEO, DIN: 03156531), both from Mumbai, on November 13, 2026.
On a standalone basis, Suba Hotels reported revenue from operations of ₹5,344.54 lakhs for H1 FY27, up ~51% from H1 FY26. The consolidated revenue from operations stood at ₹6,219.00 lakhs, up ~42% from H1 FY26. With 9 new hotels added during the half year and a pipeline of 45 more hotels with 2,741 keys, the company continues to expand its footprint across brands and geographies.